Uranium Energy News Releases
Uranium Energy Corp Submits Mine Permit Application For In-Situ Uranium Recovery Operations At Companyâ€™s Goliad Project in South Texas
October 24, 2007
Austin, TX - October 24, 2007 - Uranium Energy Corp is pleased to announce that it has submitted a mine permit application to the Texas Commission on Environmental Quality (TCEQ) in support of the Company’s objective of starting in-situ recovery (ISR) of uranium at its Goliad Uranium Project in Goliad County, Texas. This application is the third new mine permit application for in-situ uranium recovery operations to be submitted for projects based in Texas. Of the mine permit applications submitted for locations in Texas, one is now in production at Alta Mesa in south Texas.
An ISR uranium mine permit application is expensive and time-intensive, requiring extensive sampling, mapping and reporting by experienced independent and internal technical staff in generating a number of site-specific supportive studies. Examples of the studies included in the application are geological studies, both site-specific and regional; detailed mine plans, including construction, operations, restoration and reclamation phases; detailed mapping of aquifers and confining zones based on extensive exploration borehole drilling and logging.
Mine permit applications of this type have frequently taken nine to twelve months to process in Texas. The Company’s next actions include preparation and filing of a radioactive materials license application and a waste disposal well permit application, both to the TCEQ. The Company is well into the preparation of both applications.
While the Company has recently filed a NI 43-101 report on SEDAR outlining the historic uranium resource at the Goliad Project, it is performing further core drilling and conventional analysis to allow its independent geologist to generate a current NI 43-101 resource estimate (NI 43-101, is a national instrument for the “Standards of Disclosure for Mineral Projects” with the Canadian Securities Administrators, the Company is a reporting issuer in Canada). Following the release of the current 43-101 resource estimate the Company is planning to develop a feasibility study on the Goliad Project concurrent with the permitting initiatives. Once the necessary permits and licenses for the Goliad Project are received, the Company will make the decision to advance the Goliad Project to production pending a positive and satisfactory feasibility study.
Amir Adnani, president, said, “We are entering into the phases of development for which the depth of the Company’s technical staff has become invaluable. Under the supervision of Harry Anthony, COO, the Company’s geological and engineering personnel have taken the details of this application in stride, and know precisely the actions to perform in preparing the next levels of applications. We are fully confident, the Goliad project will have a uranium resource that can be safely recovered and processed using modern in-situ recovery techniques.”
The scientific and technical information in this news release has been prepared and reviewed by Clyde Yancey, P.Geo., VP of Exploration of the Company, a qualified person as defined by NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp (AMEX: UEC) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States. The Company controls one of the largest historical uranium exploration and development databases in the US. Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US. The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom. For more information, please visit www.uraniumenergy.com.
Stock Exchange Information:
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any statements concerning historical mineral resource estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any historical mineral resources referred to by the Company in this news release have not been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as “NI 43-101”. As a reporting issuer in Canada, we are required by Canadian law to provide disclosure in accordance with NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the SEC Industry Guide 7. NI 43-101 and Guide 7 standards are substantially different, however Guide 7 does allow the disclosure of mineral resources where required to be disclosed by foreign law.